89bio (NASDAQ:ETNB) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of 89bio (NASDAQ:ETNB) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $29.00 target price on the stock.

Several other brokerages also recently weighed in on ETNB. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 89bio in a research report on Saturday, January 18th. Finally, Raymond James upgraded 89bio to a “strong-buy” rating in a report on Thursday, December 12th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

89bio Stock Up 2.5 %

Shares of NASDAQ:ETNB opened at $6.92 on Tuesday. The firm has a market capitalization of $734.42 million, a PE ratio of -2.38 and a beta of 1.14. 89bio has a 1 year low of $5.99 and a 1 year high of $16.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 11.66 and a quick ratio of 11.66. The firm’s 50-day moving average is $7.80 and its two-hundred day moving average is $8.20.

Insider Activity at 89bio

In other 89bio news, insider Quoc Le-Nguyen sold 10,963 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. This trade represents a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rohan Palekar bought 10,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $8.35 per share, for a total transaction of $83,500.00. Following the transaction, the chief executive officer now directly owns 466,236 shares of the company’s stock, valued at approximately $3,893,070.60. This represents a 2.19 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 30,000 shares of company stock valued at $235,700 over the last quarter. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On 89bio

Several large investors have recently modified their holdings of the company. American Century Companies Inc. boosted its stake in 89bio by 219.0% during the 2nd quarter. American Century Companies Inc. now owns 63,864 shares of the company’s stock worth $512,000 after purchasing an additional 43,842 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of 89bio in the second quarter valued at about $2,238,000. XTX Topco Ltd acquired a new stake in shares of 89bio during the second quarter worth about $256,000. Squarepoint Ops LLC purchased a new position in shares of 89bio during the second quarter worth about $327,000. Finally, The Manufacturers Life Insurance Company increased its position in 89bio by 12.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after acquiring an additional 3,557 shares during the period.

About 89bio

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.